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Corrected title: Now the GOP has accomplished massive tax reform

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Boy oh boy, if it's even legally possible, I can't wait for the Dems to retake the House and Senate and show the Repubs how a repeal and replace move should be done on their bullshit tax reform package.

The Dems should do it just out of spite like Trump and his Congress are decimating Obama's accomplishments.
 
Shit is corrupt on both sides. You are all fools to believe either side is looking out for you. It's a big money grab. This ship is going down and they're all looking to take as much with them as they can before this whole economy goes tits up.

Do the fucking math. I know someone that works shit jobs or no job and has four kids. Pays zero in taxes and gets 8k back every year at tax time. Not to mention free healthcare, free schooling for the kids, free medical, and free food too. I guesstimated that they cost the government easily 1 million plus over 18 years of this. Youngest and oldest are 8 years apart so figure about 26 years of riding the govt cheese mobile. How many of these people are out there? Millions. You think Joe Blow paying in 6k a year in taxes is going to offset the costs of all this? lol. Were fucked. No one wants to do what it would really take to turn this thing around. Probably 70 percent taxes and cutting some programs back too. No one wants that so let's kick the can down the road and see if China has some money to spare us.
 
Who ordered the salad?
25353868_2218507771508226_1029693614410359774_n.jpg
 
tweaker2 said:
Boy oh boy, if it's even legally possible, I can't wait for the Dems to retake the House and Senate and show the Repubs how a repeal and replace move should be done on their bullshit tax reform package.

The Dems should do it just out of spite like Trump and his Congress are decimating Obama's accomplishments.
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That would be a largely symbolic move as Trump will veto it and Dems won't have the numbers to override.
 
This basically makes buying a house pointless from tax point of view. Either you fall under larger standard deduction regardless, or your deduction gets capped out. I priced out buying 1M house in California, and tax benefit goes from $1500 per month to $400. Basically peanuts. Housing here is already priced for perfection vs rent even with current law. With these changes, that skews it out of whack by about 15%. Would not be surprised if this triggers a housing recession.
 
OILFIELDTRASH said:
Shit is corrupt on both sides. You are all fools to believe either side is looking out for you. It's a big money grab. This ship is going down and they're all looking to take as much with them as they can before this whole economy goes tits up.

Do the fucking math. I know someone that works shit jobs or no job and has four kids. Pays zero in taxes and gets 8k back every year at tax time. Not to mention free healthcare, free schooling for the kids, free medical, and free food too. I guesstimated that they cost the government easily 1 million plus over 18 years of this. Youngest and oldest are 8 years apart so figure about 26 years of riding the govt cheese mobile. How many of these people are out there? Millions. You think Joe Blow paying in 6k a year in taxes is going to offset the costs of all this? lol. Were fucked. No one wants to do what it would really take to turn this thing around. Probably 70 percent taxes and cutting some programs back too. No one wants that so let's kick the can down the road and see if China has some money to spare us.
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bootstraps.txt

In society we take care of those who are less fortunate. Im pretty sure these people dont live great lives but if some of the kids climb out of poverty its money spent well.
 
senseamp said:
This basically makes buying a house pointless from tax point of view. Either you fall under larger standard deduction regardless, or your deduction gets capped out. I priced out buying 1M house in California, and tax benefit goes from $1500 per month to $400. Basically peanuts. Housing here is already priced for perfection vs rent even with current law. With these changes, that skews it out of whack by about 15%. Would not be surprised if this triggers a housing recession.
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And who would benefit from that?
 
senseamp said:
This basically makes buying a house pointless from tax point of view. Either you fall under larger standard deduction regardless, or your deduction gets capped out. I priced out buying 1M house in California, and tax benefit goes from $1500 per month to $400. Basically peanuts. Housing here is already priced for perfection vs rent even with current law. With these changes, that skews it out of whack by about 15%. Would not be surprised if this triggers a housing recession.
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yeah. Its gonna mess up a lot of stuff.
 
OILFIELDTRASH said:
Shit is corrupt on both sides. You are all fools to believe either side is looking out for you. It's a big money grab. This ship is going down and they're all looking to take as much with them as they can before this whole economy goes tits up.

Do the fucking math. I know someone that works shit jobs or no job and has four kids. Pays zero in taxes and gets 8k back every year at tax time. Not to mention free healthcare, free schooling for the kids, free medical, and free food too. I guesstimated that they cost the government easily 1 million plus over 18 years of this. Youngest and oldest are 8 years apart so figure about 26 years of riding the govt cheese mobile. How many of these people are out there? Millions. You think Joe Blow paying in 6k a year in taxes is going to offset the costs of all this? lol. Were fucked. No one wants to do what it would really take to turn this thing around. Probably 70 percent taxes and cutting some programs back too. No one wants that so let's kick the can down the road and see if China has some money to spare us.
Click to expand...

Well shit that is an excellent reason for the middle class to give more to the 1%. What percent of the benefit of this tax plan is going to them? Was it 60 or 80 percent?

If you want to get people off the dole,raise the minimum wage to what it was in the 60s.

min-wage-inflation.PNG


http://livingwage.mit.edu/articles/13-the-tipping-point-most-americans-no-longer-are-middle-class
 
senseamp said:
This basically makes buying a house pointless from tax point of view. Either you fall under larger standard deduction regardless, or your deduction gets capped out. I priced out buying 1M house in California, and tax benefit goes from $1500 per month to $400. Basically peanuts. Housing here is already priced for perfection vs rent even with current law. With these changes, that skews it out of whack by about 15%. Would not be surprised if this triggers a housing recession.
Click to expand...

I would expect rents to rise and house prices to fall if this bill takes effect.

This tax bill will drastically escalate the concentration of wealth and assets among the ultra rich, with the middle class being hollowed out. Worst of all we will be borrowing 1.455 TRILLION dollars from China to finance this boondoggle, money our children and beyond will be paying.

And right after this is put to bed the other part of the one-two punch will come, with the beginning of the dismantling of Medicare and Social Security. The GOP and Trumpsters won't be happy until the legacy of the greatest generation is wiped out. This is what they meant by making America great again?
 
GOP is now a party of landlords and, interestingly, renters who don't take a lot of deductions, abandoning the home owner middle class. Will be interesting to see how it plays out in the suburbs.
 
Thump553 said:
I would expect rents to rise and house prices to fall if this bill takes effect.

This tax bill will drastically escalate the concentration of wealth and assets among the ultra rich, with the middle class being hollowed out. Worst of all we will be borrowing 1.455 TRILLION dollars from China to finance this boondoggle, money our children and beyond will be paying.

And right after this is put to bed the other part of the one-two punch will come, with the beginning of the dismantling of Medicare and Social Security. The GOP and Trumpsters won't be happy until the legacy of the greatest generation is wiped out. This is what they meant by making America great again?
Click to expand...
The Republicans were the party of Dennis Moore long before they were the party of Roy Moore.
 
senseamp said:
GOP is now a party of landlords and, interestingly, renters who don't take a lot of deductions, abandoning the home owner middle class. Will be interesting to see how it plays out in the suburbs.
Click to expand...

It's already playing out in the Denver market with investment groups buying up single family homes en masse. They're no quibble cash buyers who'll close as fast as the paperwork can be prepared. They're also flexible because they don't need a place to live. It'll be rented out in a matter of a few weeks.

Central Denver rents are insane even as they throw up apartment buildings all along the Platte river valley & anywhere near a light rail station.
 
Does anyone have a full picture of how the updated mortgage interest deduction will work? Say I have a house worth some chunk of the new $750k limit. I bought it recently with the intent to live in it for a few years and then move to a new state, buy another house and rent this one out. Since old mortgages are grandfathered to the $1M limit, does that mean I can apply the extra $250k deduction to this place while I rent it out? I guess boiled down I am asking if, with one grandfathered mortgage and one new one, will it be $750k or $1M worth of deduction?
 
So McSame won't be voting on the tax bill. This pile of crap might pass due to an estate shell loophole added to get Corker's vote.
 
tweaker2 said:
Boy oh boy, if it's even legally possible, I can't wait for the Dems to retake the House and Senate and show the Repubs how a repeal and replace move should be done on their bullshit tax reform package.

The Dems should do it just out of spite like Trump and his Congress are decimating Obama's accomplishments.
Click to expand...

You have to remember that corporations have their claws in the Democratic party as well. Don't get your expectations too high.
 
bshole said:
You have to remember that corporations have their claws in the Democratic party as well. Don't get your expectations too high.
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tweaker2 said:
Agreed.
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Gawd. Dems would never propose anything like this giveaway to the rich tax plan. We'd raise taxes at the top to pay for more programs, jobs & benefits for Americans, not cut them. Yeh, sure, corporations get a piece of that indirectly but they have to work for it, don't get it just because they bought the GOP.
 
Jhhnn said:
Gawd. Dems would never propose anything like this giveaway to the rich tax plan. We'd raise taxes at the top to pay for more programs, jobs & benefits for Americans, not cut them. Yeh, sure, corporations get a piece of that indirectly but they have to work for it, don't get it just because they bought the GOP.
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They water down initiatives and give kickbacks to special interests.They do not fight for the little guy in the courts either (see Garland waffling from Broom Hilda!), and they emphasize identity politics to distract voters.
 
Maxima1 said:
They water down initiatives and give kickbacks to special interests.They do not fight for the little guy in the courts either (see Garland waffling from Broom Hilda!), and they emphasize identity politics to distract voters.
Click to expand...

Nobody's claiming perfection from Dems. OTOH, this tax plan is just a class warfare looting spree on the Treasury.

We'll sell $1.5T in bonds to rich people so that we can give it back to them in tax cuts. We'll also end up cutting programs & services that the most vulnerable citizens need a helluva lot more than rich people need tax cuts.

I figure if they wanted to stimulate the economy they'd use that $1.5T to do it in the first place. OTOH, I'd be very, very surprised if they spent $15B to buy the Repubs so it's a fantastic return on their purchase.
 
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